old endowment policy frozen in time

tillyuk_2

Hi,
I will make this short.
I took out an endowment policy with winterthur about 14 years ago.
I found out they were not to good so I then switched to a repayment policy.
The money in the endowment is still there and I get an annual statement. There is approx £3700 in the policy.
I have been told that it cannot be taken out in any way shape or form and can only be used to pay off the mortgage after the original 25 year term.
My repayment policy will do that, so why can I not use or touch or move the money in this endowment policy?

thanks for any advice given.

Annisele

I suspect there's some confusion somewhere.

Your endowment policy might well be 'assigned' to your lender. If it is, then the proceeds can only be paid to your lender (unless your lender confirms it has no further interest in the policy).

Even if the policy is assigned, you can usually surrender it whenever you want - it's just the proceeds would have to go to the lender.

tillyuk_2

That is one of the things I asked, if the money in the policy can go to pay some of the mortgage off now. To that they gave me a definite no.

holly_hobby

The policy proceeds are yours to do what you want with, unless its assigned.

If the mortgage is no longer interest only, then the lender really has no further claim, ask them to write to the provider to remove their interest - simples.

Hope this helps

Holly

tillyuk_2

Thank you Holly. I have written that letter and am awaiting their reply.